Cross River Gets $28M in VC Funding
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Cross River Bank gets unconventional validation with a $28M VC round
In a rare move, Battery Ventures, Andreessen Horowitz and Ribbit Capital, investors in a number of Silicon Valley’s fintech startups, have backed the bank enabling many of their investments to lurch forward. Cross River Bank, the obscure financial institution that seemingly everyone in fintech has heard of but doesn’t really know, originated more than $2.4 billion in loans for companies like Affirm and Upstart in 2015 alone.
Today’s $28 million round is set to strengthen CRB’s capital base and support new business lines for companies reliant on the bank for loan underwriting. This investment round closes amid ongoing concerns from regulators that the financial instruments of Silicon Valley could spread contagion to the fragile banking system.
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